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ARIZONA HOUSE OF REPRESENTATIVES57th Legislature, 2nd Regular Session |
Senate: FIN DP 4-3-0-0 | Third Read 16-11-3-0House: WM DP 5-3-0-0 |
SB 1042: public monies; investment; virtual currency
Sponsor: Senator Rogers, LD 7
Caucus & COW
Overview
Authorizes the State Treasurer or a state retirement system to invest in virtual currency holdings.
History
Statute authorizes and provides guidelines for the State Treasurer to manage investments of public monies including for the beneficiaries of the State Land Trust, Local Governments and political subdivisions of Arizona and for the State of Arizona along with its respective agencies. The State Treasurer is responsible for the safekeeping of all securities for which they are the lawful custodian and must invest and reinvest trust and treasury monies in any statutory-outlined investments. Investments of treasury monies are reviewed by the State Board of Investment (Title 35, Chapter 2, Art. 2, A.R.S.).
The Board of the Arizona State Retirement System (ASRS) is authorized to allocate assets and use investment strategies to meet the investment goals and policies that ASRS prescribes. The ASRS Board may appoint multiple investment managers to invest and reinvest ASRS assets. An investment manager may hold, purchase, sell, assign, loan, borrow, transfer and dispose of any securities and investments in which any account monies are invested, subject to ASRS-determined directives (A.R.S. § 38-718).
The Public Safety Personnel Retirement System (PSPRS) administers separate plans for Arizona's elected officials, known as the Elected Officials' Retirement Plan, and for corrections officers, known as the Corrections Officer Retirement Plan. Statute allows the PSPRS Board of Trustees (PSPRS Board) to invest and reinvest, alter and change the monies accumulated under PSPRS and other PSPRS Board-administered retirement plans and trusts at the PSPRS Board's discretion (A.R.S. §§ 38-802; 38-848; and 38-882).
The federal government has ordered the U.S. Secretary of the Treasury to establish and administer the Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile.
Provisions
1. Allows the State Treasurer or a state retirement system to invest up to 10% of the public monies under its control in virtual currency holdings. (Sec. 1)
2. Stipulates the State Treasurer or a state retirement system may store its virtual currency holdings in a secure segregated account within the strategic bitcoin reserve, if the U.S. Secretary of the Treasury establishes a strategic bitcoin reserve for the storage of government bitcoin holdings. (Sec. 1)
3. Defines public fund, retirement system, virtual currency and stablecoin. (Sec. 1)
4. Cites the act as the Arizona Strategic Bitcoin Reserve Act. (Sec. 2)
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8. Initials VP SB 1042
9. 3/25/2026 Page 0 Caucus & COW
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